Looking again, I'm seeing the last sale on 6-10. Then from 6-10 to 6-13, 3 business days, they buy up over 800,000 shares very quickly. Pushing the stock up a dollar in the process. That's how I remember it and hence my interpretation about seeing an opening and taking it, even if it cost them an extra dollar. The tangible book value is even more than that at $6.80ish, so it seems like a wise business decision. I feel like they saw a reasonable chance and the supply of sellers available to take over. Buying a good business cheaper than one they could start from ground up. The market leader of Karaoke.
I don't think there are laws preventing what you propose. In most cases, they would chase the stock up in trying to take control I think The closer they got to 50%. In many cases, micro cap stocks have insider control over 50% that don't let go of power. Hence, nobody has any real vote. Like my situation of the nepotism at NROM. A huge screaming value at $7 million. Couldn't start theri business that cheap. But you can't take control from them. They own and don't sell. This case is rare here I think. I wish somebody like NILE would take control of them. But they simply won't let go of power. I'm just waiting for them to die! LOL They even made what I view as a Freudian slip when they applied for a PPP loan, referring to themselves as a family business. Which is exactly how they operate it seems. They have no business being a public company. Over their heads int hat capacity in my view. So, I'm stuck with them until they die.
The float generally prevents it just due to market dynamics. There is a macro ecnomic term for this that escapes my mine. Not price power. Oh, price discovery I think is the term. Price discovery changes in that situation. In this situation, it was fast, furious, and they got blindsided. They had no poison pill obviously. A lot of companies have poison pills, and I think that is unethical and should be illegal. Which prevents free markets. It's liek the gerrymandering of the stock market.
I don't think what they did on the surface here is illegal. Maybe something under darkness we can't see, but that would be pure speculation and require discovery. To my understanding.
